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These are difficult times when it comes to hiring employees for a small business. The baby boom generation are drifting towards retirement and in their place are coming millennials who might view the gig economy or going it alone as a startup as more beneficial to their long-term future. They’ll certainly have different expectations of what jobs and careers look like.
That could mean it is difficult to attract high quality employees as more businesses fight over a smaller pool of talent. Do you want to ensure that your company is able to attract the best talent? Here are four ways to attract high-quality employees to your small business.
Match whatever the going rate is for the position you are advertising
One common mistake small businesses make when it comes to hiring is to look at their budget, see what is available and set that as the rate of pay regardless of whether it is fair and competitive. If you are offering way below the market rate for a position, then you are obviously not going to attract high class candidates when your competitors offer a much more competitive salary. Use a website such as Jobdescriptions.Net to see what the going rate is for the position you are advertising and at least match it. That way, high quality candidates won’t be put off for financial reasons.
Offer a clear career pathway and training
Quality employees don’t want to take a role and let that be it for the next 30 years. They want to keep improving, keep moving up the career ladder and making more money as they go. Ensure you offer a clear career pathway and the chance of progression, whether that be in the form of training or by letting them know that, if they join as a salesman for example, there will be opportunities to move up the career ladder and become head of sales and so on. Let it be known there won’t be any standing still in your business, your employees will move onwards and upwards with you.
Offer an employee benefit program
People love benefits, whether they be big ones such as life, medical or dental coverage or smaller ones such as membership of a local gym or golf club. You might not be able to match Airbnb giving its employees an annual stipend of $2,000 to stay in an Airbnb listing anywhere in the world, but even negotiating 25 percent off for employees at your local Chinese restaurant will be seen as a benefit of working for your business.
Put a profit sharing program in place
It won’t be for every business, but profit sharing programs are becoming increasingly popular. Not only does it show high quality candidates that you are confident enough in your future success to give them a share of what your business makes, but it also encourages them to work harder for you, knowing that the more profit they can help you make, the bigger the bonus pot that they get to take home at the end of the financial year will be.